Wednesday, April 25, 2007

Finetix and Sungard - It's Official

As pointed out by Matt:
http://biz.yahoo.com/bw/070425/20070425005824.html?.v=1

Funny thing that no comments from the owners of the acquired company was made in the press release, going against the tradition of each party stroking eachother's backs.

This acquisition harkens back to the 2001 buyout of PriceWaterhouse Consulting (PWC) by IBM Business Consulting Services (BCS). The consultants of PWC were paid about 40% more than the equivalent consultants at BCS. Immediately, many of the PWC consultants experienced "downwards salary adjustments". For several years after that, the BCS consultants got no merit increases, nor did they get anything that resembled a bonus. Many of the best PWC consultants left.

I know for a fact that SunGard does not pay the same excellent salaries that Finetix paid. (I have been contacted many times by recruiters for product and project management positions at Sungard, and the total comp was about 2/3 of the Finetix comp.... maybe the technical consulting positions pay better?) It will be an interesting next few years for the Finetix employees that decided to stay with the new SunGard organization. I know that, when I was hiring for Finetix, I received resumes from a number of people who were employed by SunGard. I cannot help but see how this cycle will not repeat itself.

Best of luck to all of my old colleagues from Finetix! You know where to reach me. My group has a number of openings.....

©2007 Marc Adler - All Rights Reserved

3 comments:

Mike Roberts said...

And if you don't want to do .NET with Marc, come do Java with me! :)

http://www.nysetransacttools.com/about/careers.php

marc said...

Actually, we need Java people as well as .NET people. Especially Java people who know messaging and writing low-latency systems.

So, people ... you can work for Mike in dirty old New York City ... where nothing exciting ever happens.... or you can work for me in scenic Warren, New Jersey, where total peace and serenity greets you each monring, where you can see horses on your morning commute, where you don't have to fight for a seat on the subway....

We actually are a big user of Transact Tools, so we win either way ....

Sunny said...

According to my knowledge, CITI isn't much better than SunGuard, or I was wrong?